Tesla Financial results

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Tesla registered a revenue of $16.93 billion in the first quarter of 2022, an increase of 42% year-over-year (YoY) compared to $11.96 billion during the same period last year. In a quarter-over-quarter comparison, the numbers dropped by 10% compared to $18.76 billion in Q1 2022.

The company’s gross profit increased to $4.23 billion compared to $2.88 billion in Q2 2022, marking an increase of 47% compared to Q1 2022. The numbers decreased by 22.4% compared to $5.46 billion in Q1 2022.

The revenue growth can be attributed to the growth in vehicle deliveries, increase in average selling price of vehicles, and growth in other parts of the business.

The U.S.-based electric vehicle manufacturer recorded a revenue of $14.6 billion for its automotive segment, a YoY increase of 43% compared to $10.2 billion during the same period last year. The revenue reduced by 13.4% compared to $16.86 billion in the previous quarter.


The automotive gross profit increased by 41% and stood at $4.08 billion compared to $2.89 billion in Q2 2021. The numbers marked a decrease of 26.3% compared to $5.54 billion in Q1 2022.

The company registered an operating income of $2.5 billion with an operating margin of 14.6% in Q2 2022.

The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for Q2 2022 stood at $3.79 billion, an increase of 52% compared to $2.49 billion in Q2 2021. In a QoQ comparison, the EBITDA figures reduced by 24.5% against $5.02 billion in the last quarter.

Tesla 3

Source: Tesla

The company achieved record production rates in Q2 2022. The company said the Fremont factory manufactured a record number of vehicles in Q2 2022. In Texas, the company added flexibility to produce vehicles with either a structural battery pack or a legacy battery pack.

The company delivered a total of 254,695 vehicles (Model S/X and Model 3/Y) in Q2 2022, an increase of 27% compared to 201,304 vehicles during the same period last year. However, the figures were lower by 17.8% compared to 310,064 vehicles in Q1 2022.

Despite the Shanghai factory being fully shut down and then partially for the majority of Q2 2022, the company ended the quarter with a record monthly production level.

In Germany, Tesla produced more than 1,000 Model Y vehicles in a week, using 2,170 cells. The company expects the production rate to continue improving throughout the year.

Elon Musk, CEO of Tesla, said, “The last quarter was a unique quarter for Tesla due to a prolonged shutdown of our Shanghai factory. But despite the challenges, it was one of the strongest quarters in our history. We achieved a significant milestone of 1,000 cars a week in June. And we are expecting our Giga Texas to exceed the 1,000 vehicles per week milestone, hopefully in the next few months. Also, it is worth emphasizing that we have enough 2,170 cells to satisfy all vehicle production for the remainder of the year. So we are not dependent on 4,680 cells. The 4,680 cells will be important next year, but it is not important for this year.”

Solar

 Solar deployments increased by 25% YoY in Q2 to 106 MW, the strongest quarterly result in over four years. The company added that despite import delays on certain solar components, the company expanded its supplier base to enable growth in this business.

Tesla 2

Source: Tesla

Energy storage

Energy storage deployments decreased by 11% YoY in Q2 2022 to 1.1 GWh due to semiconductor challenges. The company stated that the demand for storage products remained more than the ability to supply. Tesla is in the process of ramping production at the dedicated Megapack factory to address the growing energy storage demand.

Tesla stated that the used car business remained strong, particularly as interest in electric vehicles expanded. Also, the company is growing merchandise, Tesla-owned collision centers, and related services. The supercharger business is also increasingly serving both Tesla and non-Tesla customers.

The company’s production ramps in Austin and Berlin-Brandenburg would be influenced by the successful introduction of many new products and manufacturing technologies in new locations and ongoing supply chain-related challenges. The company is progressing on the industrialization of Cybertruck, which is currently planned for the Austin production facility after the Model Y ramp.

Tesla produced more than 1,000 vehicles in a single week at Gigafactory Berlin. From the Austin factory, the first vehicles with Tesla-made 4,680 cells and structural battery packs were delivered to U.S. customers.

Tesla had registered a record revenue of $18.7 billion in Q1 2022, a YoY increase of 81% compared to $10.3 billion in Q1 of last year.

Earlier, Tesla established an Indian subsidiary, ‘Tesla Indian Motors and Energy’ in Bengaluru. The subsidiary has an authorized capital of ₹1.5 million (~$20,515) and a paid-up capital of ₹100,000 (~$1,366).